Brazilian payroll-deductible loan fintech Ali raises $25m in Series A round
Brazilian fintech Ali, which works to reduce the debt of the country’s workers and boost their financial wellbeing, has raised $25 million in a Series A round led by BTG Pactual.
According to LatamList, the firm intends to use the capital injection to build out its product, commercial, technology and human resource teams, with the aim to have 1 million users on its Economizômetro app in 2023.
Ali offers financial health solutions for employees, with a wider aim to reduce the debt held by Brazilians by offering them “fair credit”.
The firm’s Economizômetro application offers payroll-deductible loans to company employees, analysing a user’s debt to tailor a more affordable payment plan, reducing an individual’s debt by cutting down the interest.
Ali CEO Bruno Souza Reis explains: “This is the market Ali is targeting with its ‘Economizômetro’ application, which offers the automated exchange of more expensive debts with a direct discount on the payroll, helping people save on interest expenses for other lines of credit well above the average.”
Founded in 2018, Ali claims to have negotiated more than $37 million in payroll-deductible loans and partnered with more than 200 companies, including Deloitte and EY, helping more than 250,000 employees.